Top Five Questions relating to Torquay leasehold conveyancing
I am hoping to exchange soon on a leasehold property in Torquay. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Torquay should include some of the following:
- The physical extent of the demise. This will be the flat itself but may incorporate a roof space or basement if applicable.
I have just appointed agents to market my 2 bed flat in Torquay.Conveyancing has not commenced but I have just received a yearly service charge demand – Do I pay up?
The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Back In 2001, I bought a leasehold house in Torquay. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Torquay who acted for me is not around.Do I pay?
First contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Torquay conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What are your top tips when it comes to finding a Torquay conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Torquay conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Torquay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Torquay with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Torquay can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
- The majority landlords or managing agents in Torquay levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Torquay.
I acquired a split level flat in Torquay, conveyancing formalities finalised in 2002. How much will my lease extension cost? Comparable properties in Torquay with over 90 years remaining are worth £199,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2083
With 58 years left to run the likely cost is going to span between £22,800 and £26,400 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
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